Company Plans Further Investments in High-Growth Hydrogen Generation and Application Technologies
NEWTOWN, PA and VANCOUVER, BC / ACCESSWIRE / June 23, 2021 / Jericho Energy Ventures (TSXV:JEV)(FRA:JLM0)(OTC Pink:JROOF) ("Jericho" or "JEV" or the "Company"), focused on advancing the low-carbon energy transition with investments in hydrogen technologies, is pleased to support recent statements by U.S. policymakers heightening the importance of, and focus on, green hydrogen in their energy policies.
On June 7, 2021, U.S. Secretary of Energy Jennifer M. Granholm launched the U.S. Department of Energy's (DOE) Energy Earthshots Initiative, to accelerate breakthroughs of more abundant, affordable, and reliable clean energy solutions within the decade. The first Energy Earthshot - Hydrogen Shot - seeks to reduce the cost of clean hydrogen by 80% to $1 per kilogram in one decade. Achieving these targets will help America tackle the climate crisis, and more quickly reach the Biden-Harris Administration's goal of net-zero carbon emissions by 2050 while creating good-paying, union jobs and growing the economy.
Also, on June 2, 2021 in California, the world's 5th largest economy, a bipartisan coalition of 20 lawmakers called on the State to increase its funding for hydrogen by $300 million in its budget and set aside 20 percent of the state's Clean Transportation Program funding to bolster hydrogen fueling infrastructure in California.
Global mainstream media is also starting to take note of the dramatic rise of green hydrogen. On June 18, 2021, Bloomberg published an article, "Why Hydrogen Is the Hottest Thing in Green Energy," which opines that global plans for reducing climate change now envision a big role for hydrogen in curbing industrial emissions.
JEV is encouraged by these developments and believes they will have a positive impact on its wholly owned subsidiary, Hydrogen Technologies Inc. (HTI), which on May 26, 2021, introduced Generation 2.0 of its patented, hydrogen-based, zero-emission, cleanH2steam DCC™ Boiler 3000 Series.
The DCC™ was developed as a high-performance, cost-effective replacement for aging, polluting commercial and industrial boilers. Thermal requirements driven largely by fossil fuel-based boilers for space heat, hot water, industrial process steam account for over 20% of all global greenhouse gas emissions each year.
In addition to its breakthrough, commercial-ready HTI DCC™ boiler technology, JEV continues to actively diligence opportunities across a variety of high-growth hydrogen generation and application technologies. The recent statements by U.S. policymakers only reinforces that direction.
About Jericho Energy Ventures
Jericho Energy Ventures (JEV) is focused on advancing the low-carbon energy transition with investments in hydrogen technologies, energy storage, carbon capture and new energy systems. JEV's wholly owned subsidiary, Hydrogen Technologies, delivers patented, zero-emission, boiler technology to the $30 Billion Commercial & Industrial heat and steam industry. JEV also owns and operates producing oil and gas assets in the US Mid-Continent, predominantly in Oklahoma.
Director of IR
Jericho Energy Ventures
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SOURCE: Jericho Energy Ventures Inc.